President-elect Donald Trump selected Scott Bessent as his nominee for Treasury secretary.

“Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World,” Trump said in a statement announcing the pick on Nov. 22.

“Scott Bessent has lived the American Dream, built a successful business from the ground up, and has a deep understanding of what it means to be a good steward of our nation’s economy,” said South Carolina senator Tim Scott. “I’m looking forward to working with Scott to extend and expand my Opportunity Zones initiative and usher in a tax code that enhances growth, investment, and economic opportunity for all Americans. We also must ensure our economic national security tools — including sanctions, illicit finance protections, and export controls — work together to advance our national security interests.”

Bessent, 62, is the founder of Key Square Capital Management and had advised President-elect Trump on financial matters during the campaign.

If confirmed, Bessent will replace Janet Yellen, who was the first female to hold the office. Yellen, nominated by President Joe Biden on Dec. 1, 2020, began her term Jan. 26, 2021.

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